23 November 2016

ASX Release “CVV” ASX

Multi-Phase Calingiri Exploration Programs Resume

Caravel Minerals Limited (ASX: CVV) (“Caravel” or “the Company”) is pleased to announce that the next phase of exploration activity will commence at its Calingiri Project following the completion of the grain harvesting season.

This component of a planned multi‐phase field exploration programme is expected to be completed in Q1 2017. An initial air core drilling program will test several copper sulphide targets in close proximity to the Bindi and Dasher JORC Resources, as well as an undrilled trend near the western perimeter. The initial programs include:

Air core drilling to test previously undrilled geochemical anomalies within the regional copper-molybdenum Target Trend

Air core drilling to test a previously undrilled regional structural trend with coincident copper geochemical anomalism and

Initial geophysical testing of a multielement geochemical target interpreted to be a potential VMS target

The planned exploration programs are part of Caravel’s strategy to increase the size and grade of the existing JORC Resources at Calingiri with the results being incorporated in the planned Pre-Feasibility Study due in 2017. Initial results are expected late in Q1 2017. Calingiri Project Status The Company released a Scoping Study for Calingiri on 28 June 2016. The study has determined that Calingiri demonstrates robust project fundamentals with low technical risk. It contemplates the co-development of three open pits, located 120km to the northeast of Perth in Western Australia (Figure 1). Central to the project is the construction of a stand- alone 15 million tonne per annum (Mtpa) ore processing facility. The Company considers the project is economically viable based on its ability to pay back project start-up capital and provide ongoing positive operational cash flows. The study was completed by CSA Global in conjunction with Caravel and indicated an initial 20 year LOM for 710,000 tonnes (1.6B/lbs) of copper produced. Existing infrastructure within and adjacent to

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Caravel Minerals – Calingiri Exploration Resumes November 2016 – Page 2

the project, coupled with industry-standard mining and treatment options available to Caravel, make the project a standout new Australian copper project.

Figure 1: Location of & access to the Calingiri Copper Project

Planned Exploration Programs Air core drilling programs are planned to test surface copper targets and favourable structural zones within four broad prospects; Bindi SW, Bindi SE, Dasher East and Bindi to Ninan. Additionally, geophysical surveying is planned to test the A1 Target located at the southern perimeter of the trend (Figures 2 and 3). 1. Air Core drilling within the defined Copper-Molybdenum Target Trend

The Dasher East prospect hosts the largest surface copper anomaly within the Calingiri Copper-Molybdenum Target Trend (the geological trend hosting the known mineralisation at Bindi, Dasher and Opie). The proposed drilling will systematically test the prospect for regolith copper anomalism and map prospective bedrock.

The Bindi SE drilling will test the SE continuation of the Bindi prospect over an area of strong (>20ppm) molybdenum surface anomalism.

Several aircore lines are planned between the Bindi to Ninan area to look for extensions to and/or new zones of mineralisation along the favourable structural trend (Figure 2)

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Caravel Minerals – Calingiri Exploration Resumes November 2016 – Page 3

2. Air Core drilling to test a regional structural trend Previous surface sampling along the Bindi SW Target has revealed numerous copper soil anomalies

extending over more than 10 km (Figure 2). The proposed air core drilling will test these anomalies

which lie on, and adjacent to, a major structure interpreted from aeromagnetic imagery (Figure 3).

This structure is interpreted to continue on a NE orientation through the Bindi main prospect.

3. Geophysical Testing of the A1 Target The A1 Target is a large (5km x 1km) copper anomaly defined by surface geochemical sampling (Figure 2). It was the largest copper anomaly outlined in the initial geochemical survey of the Calingiri area. Follow up air core drilling confirmed base of hole (bedrock) copper anomalism as well as a wide range of multielement (including gold, zinc, lead, bismuth, antimony, tin and tungsten) anomalism. This target area lies in a potentially prospective geological setting, as interpreted from magnetic data (Figure 3), with NW-SE trending magnetic and non-magnetic stratigraphy developed within a flexure zone around an intrusive contact with a granitoid. There has never been any follow up to this very significant target as exploration, in the project area, has been focused on the main Copper-Molybdenum Target Trend. It is interpreted that the multielement anomalism and geological setting may be prospective for volcanogenic massive sulphide (VMS) mineralization. Initially it is planned to carry out reconnaissance Induced Polarisation (IP) surveying to define specific targets for follow up reverse circulation (RC) drilling.

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Caravel Minerals – Calingiri Exploration Resumes November 2016 – Page 4

Figure 2: Calingiri Copper Surface Geochemistry and Targets

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Caravel Minerals – Calingiri Exploration Resumes November 2016 – Page 5

Figure 3: Calingiri Regional Geology and Targets

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Caravel Minerals – Calingiri Exploration Resumes November 2016 – Page 6

For further information, please contact: Investors Marcel Hilmer, CEO or Tony Poustie, Exploration Director Caravel Minerals Limited Level 3, 18 Richardson Street, West Perth WA 6005 Telephone: 08 9426 6400

About Caravel Minerals Limited Caravel Minerals is a gold, copper and base metals exploration and resource development company with projects located in Western Australia. Caravel has a technically strong and well established exploration and mine development team. Competent Person’s Statement The information in this report that relates to the Calingiri Mineral Resource estimates is extracted from an ASX Announcement dated 4 April 2016, (see ASX Announcement – 4 April 2016 “Calingiri Maiden JORC Resource”, www.caravelminerals.com.au and www.asx.com.au ). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement. The information in this report that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Tony Poustie, a Competent Person who is a full-time employee of Caravel Minerals Limited and a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Poustie has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Poustie consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information was prepared and first disclosed under the JORC Code 2004 and has not been updated since to comply with JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Production Targets and Financial Information Information in relation to the Calingiri Project Scoping Study, including production targets and financial information, included in this report is extracted from an ASX Announcement dated 28 June 2016, (see ASX Announcement – 28 June 2016, “Scoping Study Confirms Outstanding WA Copper Project ”, www.caravelminerals.com.au and www.asx.com.au. The Company confirms that all material assumptions underpinning the production target and financial information set out in the announcement released on 28 June 2016 continue to apply and have not materially changed. Forward Looking Statements.

This document may include forward looking statements. Forward looking statements include, but are not necessarily limited to, statements concerning Caravel Minerals planned exploration programmes, studies and other statements that are not historic facts. When used in this document, the words such as “could”, “indicates”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward looking statements. Such statements involve risks and uncertainties, and no assurances can be provided that actual results or work completed will be consistent with these forward looking statements. Disclaimer

This release may include forward-looking statements. Such forward-looking statements may include, among other things, statements regarding

targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, mineral reserves

and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future

technical, economic, market, political, social and other conditions. These forward-looking statements are based on management’s expectations

and beliefs concerning future events. Forward-looking statements inherently involve subjective judgement and analysis and are necessarily

subject to risks, uncertainties and other factors, many of which are outside the control of Caravel. Actual results and developments may vary

materially from those expressed in this release. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-

looking statements. Caravel makes no undertaking to subsequently update or revise the forward-looking statements made in this release to

reflect events or circumstances after the date of this release. All information in respect of Exploration Results and other technical information

should be read in conjunction with Competent Person Statements in this release. To the maximum extent permitted by law, Caravel and any of

its related bodies corporate and affiliates and their officers, employees, agents, associates and advisers:

• disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in

expectations or assumptions; • do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information

in this release, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any

forward-looking statement; and • disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

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